Stamp Duty for Buy to Let Property
Stamp duty is charged when property transfers from one owner to another. This HMRC tax changes depending on value of the property and whether you are a first time buyer or not. The stamp duty also varies if you are buying the property for residential or letting purposes. In some circumstances you may be exempt from paying it. Please note that the below calculator is for illustrative purposes only and do not constitute advice.
From April 2016 Stamp Duty liability for anyone purchasing an additional property has increased. The majority of buy to let purchases no attract an additional 3% stamp duty. Purchases of properties £40,000 or less are not liable for stamp duty. Above this threshold, the higher stamp duty rate will apply unless your total individual ownership is limited to a single dwelling i.e. you do not already own other residential property.
Your home may be repossessed if you do not keep up repayments on your mortgage.
You can find out more about the tax on the government website.